what drives talent in canada

Attracting and retaining top talent is a challenge many companies face. A strong employer brand is crucial to standing out in the competitive job market. Understanding what drives talent to choose and stay with your company can make all the difference. Align your employer brand with these talent drivers to build a workforce that is not only skilled but also loyal and motivated.

The goal of the research is to provide valuable insights to employers to help them shape their brands and refine their recruitment strategies. Understanding evolving job preferences, talent drivers and tailoring recruitment efforts will be crucial in attracting and retaining top talent. Some of the top companies in Canada shared data and information on how they succeed in gaining brand recognition and loyalty. Over 6,000 people in Canada were surveyed for the 2024 research. The research reflects employer attractiveness for the Canadian market's largest employers known by at least 15 percent of the population.

what did we learn in 2024? we explore some key takeaways:

• An attractive salary and benefits has resumed pole position in Canada this year. The wants/needs of Canadian employees have remained mostly consistent over the past three years, indicating stability in their priorities.
• Job security is the driver that exceeds employees' expectations. Gen X rates their current employer highly in this regard and places the greatest emphasis on it.
• Barely half of the Canadian workforce feel their employers meet their expectations.
• Some disparities exist when it comes to attractive salary and benefits for women and older generations, mostly Baby Boomers. The sentiment may be skewed by the fact that these particular demographics were not as likely to be compensated equitably in their opinion.
• Switching jobs has stabilized in Canada as 16% (-1% compared to 2023) have turned to another job in the last 6 months of 2023 and 27% (+3%) plan to do so in the first 6 months of 2024. The primary talent driver behind these moves is higher compensation, driven by the increased cost of living, a trend observed across all generations.
• For women, too low compensation is near the top as the reason for changing jobs.
• What this data tells us is that job preferences are evolving across generations, highlighting the need for employers to customize their recruitment and retention strategies accordingly. If employers fail to adapt, they risk losing employees whose expectations are not met. Addressing development needs, including reskilling and upskilling, becomes crucial in fostering overall workplace satisfaction.

As the world’s leading talent company, we aim to provide actionable insights and recommendations for Canadian organizations. Here are a few insights that will inform your 2024 talent attraction strategy.

equity: one of the top emerging talent drivers

Equity in the workplace has become more prominent and a must-have versus a nice to have in the past several years. EDI&A (equity, diversity, inclusion and accessibility) is part of every company and efforts to be inclusive and embrace differences don’t go unnoticed. Companies who invest, grow and protect their brand and reputation succeed.

According to the REBR results, overall and for all sectors, Canadian employers are doing fairly well on equity.

• About 37 percent of Canadians identify as a minority, a proportion notably higher than in other markets.
• Males and younger generations tend to rate their current employer more positively, while Baby Boomers express the least satisfaction with equity in their current workplace.
• Minorities and non-minorities generally rate their current employer the same, except for when it comes to equal opportunity hiring, where minorities are more critical.

Employees who participated in our survey had a satisfactory performance across all equity drivers, which is a good sign. When it comes to generational differences, younger ones rate their employer even more favorably and Baby Boomers cite the least satisfaction.

About 40 percent of Canadian workers identify as part of a minority group, including gender, sexual orientation, ethnicity/nationality, religion, disability or another defining characteristic. This is relatively higher than in other markets and should be an area employers pay closer attention to. Minorities frequently cited facing career obstacles because of their identity more than their peers.

the growing impact of AI

In Canada, AI is becoming a common workplace tool. Already 15 percent of the workforce use AI regularly. It is even more commonly used with younger generations and the highly educated. Some statistics:

• Only 4 percent of the workforce is impacted by AI, but the anticipated impact is expected to be widespread in the coming years.
• About 87 percent of the workforce expect AI to affect their job at least in some way in the next five years. This applies to younger generations and the highly educated.
• The expected influence of AI on job satisfaction is a mix of positive and neutral.
• About 14 percent expect a negative influence with AI.

To sum it up, workers who use AI regularly are overwhelmingly positive about it. Employers can benefit from leveraging this favorable bias towards AI to engage employees in the digital transformation of their organization.

why people leave for greener pastures: money, work-life balance

What drives people to seek a new employer or role varies depending on the generation. It’s worth noting that the factors driving employee attraction differ from those influencing employees to leave. As an employer, having a comprehensive talent strategy that addresses both aspects is essential. Some workers prioritize job stability and a financially healthy company, while others value work-life balance and better pay/compensation.

The biggest reason in Canada people leave an employer is too low compensation due to the rising cost of living for 48 percent of the women surveyed and 40 percent of the men. Work-life balance also jumped this year. Lack of career growth opportunities is a particularly significant factor for Gen Z (33%), Millennials(30%) and those with higher education (34%).

As the world's leading talent company, we want to be your partner on this journey to attract and retain top talent who will contribute to the growth of your organization.

Randstad is here to help you navigate the ever-changing world of work. Get in touch so we can find you the best talent to meet your needs today and tomorrow.